Question: For this worksheet, we will define the standard base value as the average price between 1982 and 1984. CPI compares the price in a given

 For this worksheet, we will define the standard base value as

For this worksheet, we will define the standard base value as the average price between 1982 and 1984. CPI compares the price in a given year to the standard base value. . The average cost of a loaf of bread in 2015 is $2.00. The average cost of bread between 1982 and 1984 was $0.84. Calculate the consumer price index of a loaf of bread in 2015 using the standard base value. The table below shows the Consumer Prive Index of the cost of food and beverage in an average U.S. city. The base value is the average of the prices between 1982 and 1984 (assuming this is the case) Year January February 2004 184 185 2006 195 194 2011 223 224 2012 233 232 2013 236 236 2014 239 239 Comparing Prices at Different Times. How much higher were food and beverage prices in January 2014 compared to prices in January 2004? Give you answer in a complete sentence

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